Recording Rental Mgmt company bills
Cam Ellison
cam at ellisonpsychology.ca
Sun Apr 1 18:28:58 EDT 2007
Tuc at Beach House wrote:
> Hi,
>
> (Sorry for my non-usual email address... GNUCASH.ORG doesn't like that
> my primary MX is about to take a dirt nap.)
>
> I was wondering how everyone records rental property statements
> from the management company. I was looking to do it as a bill from them, but
> it only lets me pick from assets/expenses/liabilities. I get bills like :
>
> 1/1/06 - RENTAL NAME - RENTAL DATE - 1,897.50CR BAL: 1,897.50CR
> 1/1/06 - Comission - 607.20 BAL: 1,290.03CR
> 1/6/06 - Listing Fee 150.00 BAL: 1,140.30CR
> 1/6/06 - Linen fee 100.00 BAL: 1,040.30
> 1/6/06 - Maintenance -Fix door 100.00 BAL: 940.30
> 1/31/06- ACH to owner 540.30 BAL: 400.00
>
> I need to be able to track all comission, other fees, linen fees,
> maintenance charges, and then get the ACH to my Assets/Checking account.
IANAA, but my wife and I have rental properties. We show the gross
revenue under Income, and the commission, etc. under their own expense
categories. Treat it as though you actually received all the money
(which you have to account for at tax time, anyway) and then disbursed
portions of it, but do it in a split transaction in your chequing account:
Income:Rental 1897.50
Expenses:Commissions 607.20
Expenses: Listing Fee 150.00
Expenses: Linen Fee 100.00
Expenses: Maintenance 100.00
Assets:Checking 540.30
Assets:Receivables 400.00
I'm glad I don't have to pay out commissions like that....
HTH
Cam
--
Cam Ellison, Ph.D. R.Psych. #1417
Cam Ellison & Associates Ltd.
3446 Beach Avenue
Roberts Creek BC V0N 2W2
Phone: 604-885-4806
Fax: 604-885-4809
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